TaxTMI 
TaxTMI 
2019 (7) TMI 1275
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....y Mr.A.N.R.Jayaprathap, learned Junior Standing Counsel for Income Tax are before this Court. 2. All the aforesaid learned counsel make a common submission in unison that these four cases are covered by an earlier common order made by this Court, being order dated 27.06.2019, in W.P.Nos.2552 of 2019 etc., To be noted, 33 writ petitions were disposed of by the aforesaid common order, for the sake of convenience and ease of reference, entire order dated 27.06.2019, made in the aforesaid batch of 33 writ petitions, is extracted, reproduced infra and the same reads as follows: 'This common order will dispose of all these 33 writ petitions. There is no disputation or disagreement before this Court and between the parties that all these 33 writ petitions are covered by an earlier order dated 18.06.2019 made by this Court in W.P.Nos.16868, 16877, 16882 and 16893 of 2019, which in turn was made by following an earlier common order dated 11.06.2019 made by this Court in W.P.Nos.15651/2019 etc., (five writ petitions). 2. To be noted, all these writ petitions turn on Section 80P of 'Income Tax Act, 1961' ('IT Act' for brevity). 3. For the sake....
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....he appellants have filing these appeals, on raising the following substantial questions of law:- 1. Whether on the facts and in the circumstances of the case the Tribunal was right in holding that the assessee is to be treated as primary agricultural society and is carrying on the business of banking or providing credit facilities to its members and is entitled for deduction under Section 80P (2) (a) (i) of the Income Tax Act, 1961 with respect to the interest received from Class B members who were involved in non-agricultural activity. 2. Whether on the facts and in the circumstances of the case the Tribunal was right in holding that the Class B members of the assessee society can be treated as a member of the society for the purpose of Section 80P (2) (a) (i) when Class B members do not have the right to participate in the voting and meetings of the board of the society. 3. Whether on the facts and in the circumstances of the case the Tribunal was right in not considering the fact that the assessee was lending monies for non-agricultural purpose and the provisions of Section 80P (4) and 2(24) (viia). The contention of the learned counsel for th....
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.... rural development bank" means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities." It is seen that the primary object of the society is to provide financial accommodation to its members to meet all the agricultural requirements and to provide credit facilities to the members, as per the bye-laws and as laid down in Section 5 (cciv) of the Banking Regulation Act, 1949. Further, from the CPT Circular dated 12.03.2008, it is evident that a credit co-operative society is not a co-operative bank, as defined in Part V of the Banking Regulation Act, 1949. The object of a 'Co- operative bank' is to accept deposits from the public, for lending or investment of money. On perusal of the findings of the Appellate Authority as well as the Appellate Tribunal, it is categorically made clear that the assessee society will not come under the object of the principal business of a co-operative bank, which is a banking business. The benefit of Section 80P is excluded for deductions by co-operative banks, whereas the primary agricultural credit societies are e....
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....cial Leave Petitions in Hon'ble Supreme Court. 15. Be that as it may, as of today, there is no disputation that the aforesaid order of Hon'ble Division Bench has neither been stayed nor reversed. Therefore, it holds the field. 16. Though this could be the end of the matter and this Court would have been inclined to set aside the impugned notices, this Court takes a slightly different view owing to the second submission made by learned counsel, which is a crucial aspect of the trajectory of the hearing today. 17. The second submission made by learned Revenue counsel is that with regard to notices under Section 148 of IT Act particularly with regard to notices predicated on escaped assessment under 147 of IT Act, different periods of limitation have been prescribed for different circumstances. It may not be necessary to advert to those aspects in a great detail. Suffice to say that three different periods of limitation have been prescribed for notices akin to the instant notices i.e., notices under Section 148 of IT Act and those three periods of limitations are contained in first proviso to Section 147, Section 149(1)(b) and Section 149(1)(c) of IT....
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....d there will be no order as to costs. Consequently, connected miscellaneous petitions are closed.' 3. In the light of the common submission made in unison by all the learned counsel that the four writ petitions on hand are covered by the aforesaid common order dated 27.06.2019 made in W.P.No.2552 of 2019 batch, it follows as a sequitur that the operative portion of the aforesaid order contained/adumbrated in paragraph 4 will apply to the instant cases also. To be noted, in the aforesaid operative portion extracted and reproduced supra, the term of 'notices' alone will read as 'proceedings' in the instant case. Therefore, in these four writ petitions, the following common order is passed: a) All the four impugned proceedings will be kept in abeyance and there will be no further proceedings pursuant to the same until disposal of the Special Leave Petitions said to have been filed by respondent / Revenue in Hon'ble Supreme Court against the aforementioned orders of Hon'ble Division Bench of this Court particularly orders dated 02.08.2016 in Tax Case Appeal Nos.484-487 and 490 of 2016. b) Subject to the outcome of the aforesaid Specia....